Hong Kong's business community is modestly optimistic about the prospects for the local economy next year, according to a survey released Wednesday by the Hong Kong General Chamber of Commerce.

The chamber's annual Business Prospects Survey, conducted from mid-October to mid-November, shows that overall business conditions are expected to be "good" or "very good" in 42.7 percent of survey respondents, up from 22.6 percent a year earlier. However, optimism is not as strong with 37.9 percent for 2008.

"2006 has been a very good year for most businesses in Hong Kong," the chamber's CEO Alex Fong said, "The survey shows many companies feel the strong growth will continue through 2007, and that they are planning to hire extra staff to sustain their growth, which is a clear indication of their confidence in the coming year."

Some 50 percent of the respondents expect economic growth next year will be in the three to five percent range.

Source: Xinhua